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and president obama's visit to the new jersey coastline. kayla tausche is live in atlantic city. kayla? >> reporter: hi, tyler. we just saw air force one fly right over us and headed likely toward the atlantic city airport. we have tons of residents in atlantic city who turned out very excited, very rambunctious to seat president. it is the first day of sun after days of wind and rain and of course the wreckage of sandy here is evident as a place that used to be home to more of a residential part of the boardwalk. residents would fish off of it and stroll here. not so much the business part of the boardwalk but the wreckage you're seeing here, nonetheless. here in atlantic city the cleanup is just in its early, early stages. some residents who chose to stay behind getting power. i spoke to one resident today who finally got power, got a pump to his basement and started trying to pump out water that had flooded his basement. he was moved to tears when he started talking about watching the boardwalk float down the street earlier this week. moving a little bit farther north, i mean the im
. it's not all about today's rally and not all about markets. wall street preparing for citi's conference call coming up at 4:30 p.m. eastern time, 30 minutes away, after the shocking resignation today of ceo vikram pandit. you can hear that call straight away live coming up in a few minutes. we'll take you on that call. kayla is here first with this evolving story. over to you, kayla. >> thanks, maria. we have -- i want to run through what we know so far right now. let's think about this turn of events for citigroup and how this came about. we know from sources that the board has been ramping up this search for the last several weeks. we don't know exactly the catalyst for that, but they did start planning for succession back in august. now, as far as what we know, maria, vikram pandit told you that he gave a call to citi board chairman mike o'neill after the earnings call yesterday to discuss the fact that he was ready go. now, in the wake of that period of time, we don't exactly know what happened during those last few hours. we know that mike o'neill did call several memb
report. the waves pounding hard-hit atlantic city, new jersey tonight. plenty of dramatic pictures. >> first we'll start with meteorologist todd gross to get the latest on the storm. >> specifically the storm is basically coming to its heights but not in terms of the water. i'll explain y.can you see some of the winds right now including right here over islip, long island. 59-mile-per-hour gust. now 78 miles per hour. and that's the strongest that we've seen so far. however, take a look at the storm surge that we're expecting just a couple of hours from now when it's high tide. you know, this is full moon coming up tonight which aggravates this a little bit, enough so that this is likely to happen. four to eight-foot storm surge around the south shore of long island, down to the east shore of new jersey. then we have the water funneling in along the long island sound, and that's going to be a big problem with a storm surge of 6 to 11 feet. what does that mean? that means that the actual water level could come up ten feet above normal to begin with, and on top of that you have addit
previously served as citigroup of europe. the changes come one day after citi's earnings beat expectation in a conference call which, of course, jim said absolutely nothing about this. >> no. this was the first quarter that was the break out quarter for international. first time that i felt that the company had put a lot of its problems behind it. best knit interest margin. we only had a couple of banks report. people are trying to present this this was logical, this was in the works. this was the least logical, least in the works. corbat terrific. he ran holdings. 48 hours did we know this? i don't know. i got to tell you that the people that i talked to at citi, to say not in the works is being underplayed. >> there's shock at least among a handful of people who i talk to regularly at senior who are senior but no way aware of this. they are shocked. they heard it about an hour prior to the announcement being put out there. and, you know, it seems as though we don't know at this point, although we listen eed t andrew ross sorkin's report right now. there was some contention between board
no golden parachutes or severance upon termination of employment. outside of citi's broad base separation plans or local law. any equity awards not accelerated upon termination. one benefit we're told of this timing, every's surprised that this came out the day after such a sole lid quarter. and especially when you could have waited until the end of the year. p but one theory behind this is citi will have to go through the stress tests again at the beginning of next year. if you come in january 2013, you're a fresh face on that field and hard to put togetherc. >> a banking source i spoke to said perhaps the board was waiting for its first glimpse of d day white. then giving the kind of cover that it needed to make the move. then giving the kind of cover that it needed to make the move. obviously citi and government have worked out some prices. sue, down to you. >> let's talk more about what's going on at citi and where the bank goes from here lacking forward with me now. first of all, your reaction. i think i heard some of maria's reporting. do you buy the fact that it has been planned fo
the historic storm. brian shactman in montauk, long island. scott cohen in battery park, new york city. let's go to scott with the latest. >> probably will be the last report we do have from this location here because as you may be able to he the waters of new york harbor starting to lap up on to this area here at the battery at the tip of lower manhattan. precursor to the big storm surge that's going to come in with hurricane sandy. we don't want to be anywhere near it. i can tell you now that manhattan, crossroads of the world, sun creasingly now becoming an island because within the next couple of hours, the major bridge misand out of new york city, george washington bridge, other bridges in this area, will be closing down and the issue on that front is the winds. i want to show you video shot, just a few moments ago of one world trade center. people tower. these are the tallest construction cranes in new york city. the port authority of new york and new jersey says that these cranes are okay. i can tell new the short time since we shot that video, and now, the -- one world trade center
, pandit, and havens all founded the hedge fund they sold to citi for $8 million. pandit pocketed just about $80 million of that price tag. so definitely a very multifaceted story. we should get more in just the next hour. >> you would think so. let's get some reaction now from some respected analysts. mike mayo, bank analyst. he's also the author of "exile on wall street." our friend rob cox, the america's editor at reuters breaking views. michael, what do you make of the breathtaking events over the last 24 hours? >> i think the ceo transition is ludicrous. to have the ceo and c.o.o. step down at the same time with zero transition and to have this change one day after they report earnings. just yesterday i was asking vikram pandit questions. we were all asking him questions about the long-term strategy. one day later, he's out the door. something's not right. i think this poor transition of the ceo is a microcosm of the poor corporate governance at citigroup under the vikram pandit reign. >> mike, i want to ask you what you think is going on here, but let me get anton in first. you'r
>>> hi, good afternoon. i'm maria bartiromo coming to you live from rockefeller city in new york city where the markets are at a standstill today and tomorrow as millions brace fort brunt of hurricane sandy. >> i'm bill griffeth at cnbc global headquarters. this is usually the last hour of trading but this is the beginning of the worst of sandy. the situation getting more dangerous. that's a live picture out of midtown manhattan. a damaged crane atop a building located on west 57th street in midtown manhattan. all of that as a result of the heavy, heavy winds that are been hitting that area of new york city. we will keep you updated on that particular story. in fact, we have whole team coverage from every angle of this story. todd gross is here with us at battery park city, we have mary thompson from the port of baltimore, brian shactman is on long island. kayla tauche in cape may, new jersey, and we will be navigating the carnage for the next two hours. it is expected to pick up in severity in that time frame. let's start with the big picture from todd gross. todd, where is hurr
of the month when traders prays their portfolios. meantime, new york city mayor is set to hold a news conference on sandy 45 minutes from now. we will go to that conference once the mayor begins his remarks. we'll hear from a number of ceos about how sandy has impacted their businesses. the heads of hartford financial and landry is among the top executives who will be joining us over the last few hours. how equity index futures are trading. will cease trading in 15 minutes time. the dow and nasdaq pointing d n down. as for europe, the action dominated by deutsche bank and bp. we do see green arrows across the board with a 1% gain in germany. >> at least 16 deaths blamed on sandy as the storm continues to wreak havoc on the northeast with new york and new jersey dechaired major disasters. overnight more than 200 patients have been evacuated from two nyu langone hospitals after backup power failed. millions on the east coast awoke without power or mass transit. an estimated 7.8 million are believed to be without power and experts say it could be several days before it is restored. mass
a critical time for new york city and the rest of the northeast as massive storm gets set to make landfall in the next two hours. the situation getting dangerous in many parts of the east coast. as you see in manhattan, there is a situation involving a damaged crane. in midtown. we will continue to update you on that and other developing stories over the course of the hour. by the way, we now know that emergency workers on the scene of that crane dangling off a 65-story building, that building is being built to a 90-story building. that's why the crane was on top of the building. they have now -- they're going as high as they can to inspect the crane. but city officials say there are no plans right now to take down the crane and remove the crane because it is simply too dangerous. governor cuomo will call into the show after that press conference, so we'll talk to him directly in terms of business on new york. first, let's get to courtney reagan, smehe's at the news des >> we're hearing from our partners at wnbc that the department of building engineers are going up in the building to insp
new york city mayor bloomberg came out with the very latest damage assessment from sandy. >> we're here to update you on hurricane sandy which has now officially left the new york city area, but i think it's fair to say that the path of destruction that she left in her wake is going to be felt for quite some time. >> well, sandy has left, scott, at least 18 people dead. 10 of them are in new york. 23 fires across new york as well. massive flooding and widespread power outages for over 8 million people across the northeast. mayor bloomberg also says the damage to the area was extensive and will not be fixed overnight. as for the public transportation system in new york, scott, it's facing dramatic damage. surges of water have flooded both the subways and the tunnel systems. the mta says it's their worst damage in its 108-year history and governor cuomo also just said a moment ago that there should, however, be a limited resumption of bus services this afternoon. no charges though for those buses for today or tomorrow, and new york city's schools are cancelled for a third straight
powerful. wouldn't you know it, that storm surge ends up in the new york city vicinity. we're talking about long island sound. we're talking about the connecticut coastline. the new jersey shorelines. one of the possible places economically. already we're seeing some big surf but this is nothing compared to what we're going to see in just a few hours, because the tide is coming up at the same time as the storm is moving in. it is terrible timing. high tide is around 8:00 to 9:00 tonight. 8:00 to 9:00 p.m. is exactly when this storm is going to make landfall on the new jersey shorelines. somewhere near or slightly north of atlantic city. this is going to bear very close watching all afternoon into early this evening. again, the storm surge is the first problem. there's going to be massive power outages and in addition, of course, then there will be some flooding rainfall. we'll talk about all those factors as the day wears on. we'll keep you posted on that. we'll have more in just a few minutes from now. >> thank you so very much, todd. we appreciate it. >>> breaking news now. bob pisani has
got the best of that transaction and i think that was the consistent theme whether you like citi today or don't like citi. >> finally carbon mentioned where we are in the markets. >> yeah. >> bounced off some of these levels pretty convincingly. convincing to you? >> yes, and as i just mentioned off camera, we continue to see a lot of money flow into a lot of things we've been skeptical like junk bonds, all very bullish. >> gary, thanks for coming by. back to headquarters. "fast money halftime report" and michelle. >>> thank you, carl. welcome to "fast money halftime report." i'm michelle caruso-cabrera in for scott wapner. the major averages, dow and standard & poor's and nasdaq all near session high, up 0.8% for the dow, 120 points. s&p 500 higher by nearly 1%, 13 points. ditto for the nasdaq in terms of percentages higher by nearly 30. here's what we're following on "the halftime report." stocks now in the green for october even though it's supposedly so scary, only percentage points from record highs. what do you do now. talking to two legendary investor, byron wien and wilbu
in it's wake. >> the death toll in the us has climbed to at least 4018 in new york city alone. 8 million customers and counting in the mid atlantic region without power tonight. two feet of snow in parts of maryland and west virginia. the stock markets will be open for business tomorrow after being closed for the past two days. president obama will be looking at the devastation with dpgoverr chris christy in new jersey. let's get to todd gross tonight who is tracking the storm over the new york east. >> reporter: you may not believe this. sandy won't quit. if you look right here, there is a new belt of showers and thunderstorms that have formed. gusty storms that are affecting that wart of the country. even the north eastern united states on the coast line is in part of the storm. right in through chicago coming in through the great lakes that is where the winds are funneling in from the north. same winds edge of the storm that moved in on the coast line. that is number two. and three of course, we have a lot of air play in through here. let's zero in on west virginia. it is not only sno
. >>> and crumbling city? what really happened in the between the bank ceo and chairman that led to pandit's departu departure, the surprising story is still ahead on "closing bell." >>> welcome back, 45 minutes left in today's trading session. the market is higher, dow industrials trying to avoid a third down day. we've got a pretty good move on the upside of 38 points and industrial average, disappoint of earnings putting drag on sent. this morning as it has for much of the week. technology stocks among the gainers, off of earlier lows when the tech index went into correction territory. financial under pressure with the market up broadly speaking. >> 45 minutes left. our next guest told officials fz treasury and fed to stop using libor, the interest rate in order to protect the taxpayers who fund the t.a.r.p. program and using it as a bis sasis to charge interest on loans. >> t.a.r.p. started in 2008, the government still owns a piece of nearly 300 banks. the government has been paying back taxpayers by selling shares at banks, often at an discount. the libor can be rigged. joining us now, christy
in new york city are expected to start returning by 5 p.m. tonight. not the subways, however. some of the drains into manhattan have reopened. the d.c. metro system has limited service. schools will be closed for an unprecedented third day in a row in the new york city area, ty. >> our coverage, sue, is extensive this hour. on the agenda, more on how the markets are likely to fare when they reopen tomorrow. just heard bob say that duncan niederauer of the nyse will be our guest very shortly. plus the impact on next week's presidential election. an engineer on what went wrong involving that giant crane collapse in middown manhattan yesterday afternoon. >>> let's head to southern manhattan, just a couple of blocks from the new york stock exchange. and we are going to check on the recovery efforts there. scott cone has been in battery park city since the beginning of this storm, less than a five-minute walk from the nyse. scott, what's the latest? i would like to get your reaction to the fact that the exchange will open tomorrow, from what you see at your vantage point, how easy a tas
blew through new york city and left a big path of destruction. bob pisani is back on the floor of the new york stock exchange after its history two-day closure. bob joins us with how wall street is getting back to business. how does it look? >> well, the important thing is they goat exactly what they wanted. scott, no major connectivity issues, a few small ones, but no major issues. i caught up with duncan niederauer, and he was breathing a sigh of relief. >> we've been working on it for the last three our four days. our team was here overnight the last three, four nights. we jokingly said we may be the only building with water, lights and food. that's more than a lot of hotels have going for them. >> they almost are the op building with the lights on. the facade has been a beacon downtown for the last few days. scott's right, the volume is light to moderate today, open was quiet. bottom line is this. i think we'll see some volume toward the close related to the end of the month, but that will be about it. the hot stocks, now that we've seen the magnitude of the storm, the late
based rally today. when you look at the financials led by citi. take a look at the xlv those big farmer names have continued to produce every week every month. today somebody was out buying 2014, $8 out of the money calls expecting to see more. it was led by the financials. they absolutely were the strong point today. the numbers today were absolutely crushing numbers. not even close and across the board following up with the jp morgan and wells fargo. the rest of the market wanted to follow along. >> there was pressure on the market early. you saw technical bounce. we bounced off the level of friday's lows. everyone was scratching their head saying what was the real catalyst. i don't think there were many. >> the retail sales number showed you the consumer which had been played off for being somewhat dead going into the earnings season has life. with fed q 3 china's numbers should be looked at. the inflation data that came out of china and their export numbers were better than expected. this tells you that at least the rest of the world is a little better than they were. china has no i
in new york city. this is something that will free up more federal funds for people here in long island and in new york city and we will have more on that in just a moment. also coming up in the next half hour, we have delaware governor jack markell. we'll get his assessment of the damage to his state and dennis gartman will talk energy and commodity trading. >> lots of damage to report in the new york city area, more than 50 homes were destroyed by fire last night in breezy point queens. just east of cone any islands, more than 170 firefighters were on the scene. and separately more than 200 patients were evacuated last night from new york university's medical center after power went out. patients some on respirators operating on battery power were taken to other hospitals. and check this video out. a crane on this luxury high rise building, that's under construction, topping over on 57th street, the 90 story building looks over central park. luxury apartments telling for tens of millions of dollars. the crane could be seen blowing in the wind for most of the night and officials there
generator moving on power. not every bank has every office open today. tough to get around the city right now. >> tough to get around the city. tough to get employees for many of these banks to where they need to be. a number of them -- many of them are working remotely. as you say, everybody is trying to be fully open for business. i have made a handful of calls this morning. it has been a mixed bag in terms of getting people out to offices given there is no mass transit in new york city which is really -- the fact that subways don't work is a stunning thing in this city. it's hard to make new york work without the subways. >> it's not even if people are in their offices. phone service is patchy when it comes to land lines and cell phones and there are some entire buildings, citigroup has a building at 111 wall, 1,800 employees there, they can't get into that building for weeks. >> look at this. this is context in which we're operating. this is cover of "the washington post." this is new york's katrina. obviously the death toll compared to that storm nowhere near approaching it but still
'm coming to you live from new york city at rockefeller center. the new york stock exchange reopening tomorrow. millions of people remain without power and the death toll is continuing to rise. wall street closed for a second straight day today but will reopen with normal trading, we are understanding, tomorrow. the former nyse chairman dick grasso joins me now. we'll get his take on what it takes to reopen after a two-day shutdown. meanwhile, bob spoke with the current ceo earlier today. he joins us with the latest details. >> it's all systems go. that's what he told me. the nyse along with all of the other exchanges will open as usual tomorrow for a full trading day. the most important issue was making sure the nyse could connect with the trading community. >> i think what we're most worried about, bob, and we've been working with the clients and will continue to do so throughout the day, is since a lot of them are working from their own contingency sites, we want to make sure it's working as planned. that's not something that's tested frequently. >> the other major issue is making
, more than 8.5 million homes and businesses were without power. new york city and new jersey, especially the jersey shore, were the hardest hit. president obama will tour damage in atlantic city today. new york's subway system is flooded and will remain shut indefinitely. new jersey transit is also suspended. amtrak will resume limited regional service, but not to manhattan because of flooded tunnels. jfk and newark airports will reopen with limited service. airlines will resume service at other eastern airports. a.i.r. worldwide is putting the estimated insured losses at $7 billion to $15 billion. the u.s. financial markets, as we mentioned, will reopen today. the u.s. stock exchange says they didn't suffer any damage. goldman sachs will open its headquarters in lower manhattan, though it is still running on generator power. b of a will keep their offices closed, and citigroup says its office in lower manhattan sustained extensive flooding. joining us for a firsthand look at the damage from new york is scott cohn. i know it's still dark around you, but what kind of damage are we seeing?
. and that has city officials concerned. here's new york city mayor mike bloomberg. >> if you are still in zone "a" and can find a way to leave, leave immediately. conditions are deteriorating very rapidly and the window for you getting out safely is closing. >> reporter: it's been interesting to watch. some preparations actually still going on this morning, which means they really weren't thinking that clearly about all of this. because some of the conditions were already supposed to have deter rated by now. but a lot of the sandbagging we've seen has been going on today. that, as the mayor said, the window for all of that, for all of those preparations is closing fast. we expect this is going to be a rough afternoon heading into a rough evening, continuing through tomorrow. scott? >> scott, thanks so much from lower manhattan. the mayor already announcing skoo schools will be closed in new york city yet again tomorrow. at the top of the show we mentioned the new york stock exchange and nasdaq are closed for business today. if business is mostly electronic, why are the markets closed? bob pisa
's larry fink with his thoughts on earnings, the election, and vikram pandit's sudden departure from citi. >>> then in another exclusive, u.s. bankcorp ceo on his company's earnings. >>> and trouble ahead? s&p's chief economist tells us about three big risks looming on the economic horizon and why there's no room for error. find out what they are ahead on the "closing bell." for [ male announcer ] it's a license to drive. but to you, it's a leap of faith. it means letting go... and learning to trust. ♪ all across america, thousands of teens showed state farm what it means to them. ♪ at a national event that gives new drivers the knowledge they need to take the wheel. we call it celebrate my drive. you might call it peace of mind. learn more at sleep train's best rest event is ending soon. don't miss your chance to get sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guara
park city. thanks. we're displaced and what we're seeing in scott's shot is a big reason for it. >> it makes a lot of sense for everyone to clear out because -- don't need me to tell you which way the wind blows but it's clear that it makes sense to close. i remember in 1985. i had gone to goldman that morning. young guy working at goldman. we thought the stock market was going to open. looked like it would open. there was trading and next thing you know i was playing cards. >> the question is if you were just to close the physical trading floor but keep electronic trading open, how robust would volumes be and how wimpy would markets be and disservice to investors if you maintain that market open. >> there's a big emphasis on market stability right now and of course on liquidity and volatility as well. there was a real issue out there that with not much participants in the market with main trading floor closed, people having trouble getting in and then people having trouble getting out, what's the risk/reward ratio and risk got higher as people were unable to get in. let's bring
manhattan is without power, too. getting back to business today. and we will talk to one of the city's biggest landlords, he owns buildings in battery park, which is right in zone a. he also has property on the brooklyn waterfront and much more around the tristate area. he says the damage is already in the tens of millions of dollars, but this is going to be some huge numbers when you start adding up the entire tally. coming up at 7:30 a.m., daniel amond will talk to us first. it is halloween, but not in the state of new jersey, because the governor has postponed halloween here. he's going to be pushing it back to another day. >> i'm not sure it's halloween in a lot of places. we're supposed to have a halloween party at my house tonight. my kids are supposed to be thing 1 and thing 2. i'm supposed to be cat in the hat. and my wife is supposed to be sally. that's what she wanted to be. >> sally is who? >> one of the kids. one of kids. let's get to lower manhattan. lower manhattan is springing to life today after super storm sandy hit the area, flooding the battery. the new york stock
protect the citizens. no decision on the new york city marathon yet. >> see you the same time tomorrow. "closing bell" is next. >>> hi, everybody, welcome to "the closing bell." i'm maria bartiromo at the new york stock exchange. what a couple of days it's been after being shut down by hurricane sandy, wall street winding down the historic afternoon for the stock market, back in business the market down slightly. the fact that we are open today after this recent disaster is viewed as a very important step for this recovery. >> it's an amazing achievement just to get that opening bell this morning. i'm bill griffith. you can see the dow is down modestly and for the most part it has been for the most part smooth sailing in terms of trading at the big board. we'll talk to a host of top market watchers, get their take how the exchanges are doing on the heels of hurricane sandy. >> of course it's all about the recovery. i'll talk with nasdaq's ceo bob griefeld on how his day is going. stay tuned for that as well as any lot of other interviews coming up. we go to the front lines to
companies that will report the rest of the week. >>> citi comfortably beating estimates on the top and bottom line. shares now up $1.60, at $36.35. the stock is up more than 35%, 38% so far this year. kayla tausche listening in on citi's confroeerence call. what did mr. pandit say? >> not all that much but expressing concern over the u.s. fiscal cliff. similarly the cfo responded to claims of a house recovery saying that the economy must lead housing, not housing leading the economy. while the macro environment for banks remains weak, investors are looking at each bank on a case by case basis and they're actually saying that citi's case is improving. excluding items, citi's earnings per share beat analyst estimates by 10 cents matching 11% deposit growth and slower loan growth but big gains in securities and banking. citi one of the only banks so far to show net interest margins improving instead of deteriorating amid that lower interest rate environment. cfo saying the nim should stay at these levels for q4 as well. if earnings stay this good, citi executives said on the call that
in new york city. the market closed once again today. it is back to business tomorrow, though, with the new york stock exchange and the nasdaq announcing plans for normal trading hours tomorrow. >> i'm bill griffeth. the superstorm did put the brakes on wall street for those two days. the death toll, unfortunately, continues to rise. millions are still without power across several states and will be for several days. but tomorrow will mark a big step toward normalcy for america an its economy as the stock market gets set to open once again. the big question now is, what happens when that opening bell rings tomorrow morning after such a long hiatus and such a disastrous storm? >> really unprecedented. we have team coverage today. scott cohn with the latest on the flooding near wall street. courtney reagan is monitoring the power outages. jackie deangelis is in a new jersey town. we kick it off with bob. you spoke a short time ago with the ceo of the nyc. can it really be business as usual tomorrow? what are you expecting? >> that's what they're hoping for, maria. they said the
halftime live at the value investing congress in new york city. >>> good afternoon. welcome to a special addition of halftime. we're live at the value investing con dwres in the heart of new york city where the biggest and best known managers are presenting their top investment ideas. we'll be speaking live with the house and that's moments after he reveals thinks tom picks and the fed chairman is speaking today before the economic club of indiana and you will see the question and answer session live later on in the hour. first, let's turn our focus on the market and stocks higher to start the fourth quarter and after a better than expected manufacturing report where does the rally go from here? we're getting your fourth quarter play back from pete and steve here with me and stephanie link and steve grasso and i will start with you. given what happened last week in the market, did you guys come in today a little skeptical about this move in the market and then we got the ism report and that changed your way of thinking? >> i think you always come in skeptical because you wonder how much
. >> on earnings and revenues sending citi shares higher. u.s. mortgage business and lending mexico helped boost results. >> microsoft's back in the music business unveiling a service that could compete with the likes of pandora and itunes. we have an exclusive with the head of their interactive entertainment straight ahead. softbank to buy 70% of sprint for $20 billion marking the largest ever foreign acquisition by a japanese company bringing together the third biggest mobile carriers of japan and the united states. it was said, i'm a man and every man wants to be number one, not number two or number three. masayoshi son. >> audacious two. one assumes he is rational as well. usually only rational people have that access to -- >> godzilla-like approach and looked like mothra. >> you know, it is a large deal. no way around that and, of course, somewhat complex try to break it down for you if you're a sprint shareholder you'll have the opportunity to ee will exto get either 730 in cash and/or own 30% of newco, new sprint and it will probably end up splitting 55/45. for 55% of your holdings so 730
and the deficit. >>> spanish equities bucked the trend. >> shake-up at citi. the company is still being mum about the specific details around his departure. >> and a surprise rate cut from the bank of thailand is hitting home in yet another emerging economy. >>>er you're watching "worldwide exchange," bringing you business news from around the globe. >> good morning to you. so much to get to in today's program. kelly is a little bleary eyed this morning. >> it's because i watched the debate this morning. >> you just happened to wake up at the exact moment that debate started? >> i thought i'll just watch it for two or three minutes to get an idea of what's g 90 minutes later. >> and your initial thoughts? >> i saw the first one because i was in the u.s. for it. it did come off as dour. this one was livelier. but i don't know whether there was necessarily -- the narrative is that president obama did better than last time around. whether it was as much of a game changer i think is still up for debate. in any case, president obama and mitt romney have one more debate next week. they may have left it
to entertain you, fwou educate y-- but to educate you, so call me. new york city mayor mike bloomberg ran that sweet chime this morning, the opening bell to the new york stock exchange and suddenly wall street was back in business. and even though not all the markets implied -- nasdaq down. you could feel the blood flowing through the veins of the stock market after two days where its heart was stilled. it wasn't just wall street that opened for business today, though. the main street that runs clear across this country may now be open for a new kind of business. one that's pretty darned moribund for years. the business of construction. yes, mother nature dealt a vicious blow and our hearts to go out to families who lost loved ones. but in spite of the tragedy, in our own curious way, sandy has given us the opportunity for a boost since the government rebuilt southern florida after hurricane andrew in 1992. a reconstruction so huge, it moved the country's entire gdp needle just when we needed it, after right a nasty recession. and now that we've assessed the damage, or we're trying to at
60 miles an hour. 89 in los angeles. 94 degrees in phoenix and 72 in salt lake city. but in terms of your travel weather, it will be dicey in parts of the big sky country. and going left-handed, what you can expect in terms of your air travel, possible delays in chicago and seattle, but no delays at the hubs in l.a., atlanta or even d.c. there you go, you're up to speed both hands. >> way to fgo, reynolds. >> like fifphil connors from grd hog day. coming up, the most accuracy analysis and analysts on wall street, institutional investors unveils its rankings of the best of the best next. and don't forget, the boss today. it's national boss day observed every year on october 16th. the time when workers show extra appreciation to their employers. observance kacreated back in 19 to kiss up to bosses back then for better relations between bosses and their employees. and i decided since all the immediate bosses, all they're doing is kissing up to the next boss basically from what i've seen, i'm going to go right to the top boss. >> oh, no, my friend, you are the caboose. start kissing.
is already being felt. transportation has ground to a halt as new york and other major eastern cities have shut down mass transit, airlines canceling flights and in new york city, mayor bloomberg has ordered the evacuation of some 375,000 people from low lying areas. the new york stock exchange and nymex are in that evacuation zone and are affected today. those markets plus the nasdaq and cboe will be closed today and possibly tomorrow. cme says it may not reopen to tuesday's session. exchanges, brokers and regulators are worried about integrity of markets and cooperate ensure the safety of the employees on site. the last time the u.s. financial markets were closed for a nonholiday event was after 9/11. the last time the new york stock exchange was closed for a weather related issue was 1985 and that was due to hurricane gloria. the u.s. energy complex could take a hit from hurricane sandy. we'll have an update on that shortly. but first let's take a look at european markets. though we started to open slightly higher today, losses are accumulating. ibex 35 over in spain shedding about 0.4%
focused on city. did anyone mention john on and johnson. i liked it. see you tomorrow. hey larry, big night what are you looking for? >> 50% and stocks had a triple digit gain. all is right with the world. good evening everyone. this is the dud lkudlow report. looking at a live picture. it will be the main focus of the debate. maybe we'll get answers from obama. maybe he will tell us why he threw hillary clinton and the intelligence group under the bus. will he man up and take responsibility for this? also this evening. city corp. ceo resigns and they all beat. larry, this is the second day we close high on the day. this rally had nothing to do with citigroup. i'll tell you what is behind it in a few moments. round two kicks off. we are two hours away. the second obama debate comes in the race and also very close to barack obama in the key swing states. this is the town hall format. it has proved tricky in the past. of course the topics are going to range from domestic policy and you can expect talk about the attack in libya that has broiled the raise ice in recent. >> why is the whit
the killer storm called sandy hit the northeast. u.s. death toll is now at least 64. a second new york city hospital, bellevue, has been evacuated because of power and flooding issues. >> lower manhattan still a crippled zone. the markets were able to open today, but there's still flooding damage down there and also very dark streets. >> so in the metropolitan area, the recovery is a struggle. the availability of electricity to run the traffic lights, pump the gasoline, is now prime need. 6.1 million utility customers are still without power. individuals and businesses alike. >> public transportation slowly coming back online. some subway services in the city, some commuter lines in new jersey, westchester, and long island will run tomorrow. >> commuters coming into the city by car must have three people in each car after 6:00 a.m. >> and the airports are opening, but it's difficult to get there. delta, a key operator in the northeast hopes to start flights from laguardia tomorrow. >> the rebuilding does begin, but problems persist. let's get right to our team coverage, starting with scott
million more people are looking for jobs, what better site than linkedin. >>> citi driving seagate technology and western digital, both to a sell. firm saying we see meaningful downside to the sector near term and overwhelming deterioration of not only pcs bu krchlpcs but software as well. >> we had a 50% retracement. time to make a call. they're piling on. everyone else has cut the sector. intel was cut. qualcomm was cut. texas instruments was cut. not a surprise. probably a good time to back off and see what the sector likes going forward. there's really no new catalyst. >> you agree with the call. jeffries is upgrading walmart today to buy from hold. they're raising their price target to $88 per share. firm says they are upgrading as walmart gains a firmer footing in propelling the turnaround story beyond easy sales comparisons. that's what a lot of people have been looking for from walmart. let's take a look at how the stock has performed year to date. it is up 37%. even in a down market today it is up 1.25%. >> the analyst got some sway here but the stock is up from $58 to $75
,000 flights have been canceled from washington to boston as those cities brace for flooding and high winds. phil lebeau will have a live report coming up at 6:30 eastern time. . as we've been talking about, the new york stock exchange and nasdaq will be completely shut down today with no stock trading at all. originally the nyse had planned to use its electronic platform, but at this point it has decided to shut trading all together. that happened after it had conversations with other u.s. stock markets and with u.s. regulators, including the sec. and this is the first weather related shut down since hurricane fwlor i can't back in 1985. the cme group is running its urk of usual futures session from 6:00 p.m. to 9:15 a.m. eastern. you will be able to see the stock index futures throughout the morning. they are under pressure right now. cme will be shutting down trading after that time. so depending on the impact of the storm, it's possible the same scenario will be repeated this morning. three companies have canceled earnings reports. pfizer, nrg and entergy. the government still planning
. >> sorry. >> go ahead. >> that was pointed out by the citi note that underwriters are much tighter these days. so the risk is we have all the starts and the home builders are doing well but they will reach the point where the buyers can't get the credit they need and demand is gone. >> that's why when the toll brothers made it, they were in the process. it is one of those things, why aren't more people using the money and bernanke -- go buy a house, chairman. chairman bernanke, go buy an apartment for rental. what you'll see is unless you pay in cash or cut out the banks entirely and that hurts the rate of return, unless you're paying crash you'll tie yourself up for a really long time. evil gains are feeding into things. i do need to modulate here in the risk of the parts of corporations and the banks doing a 180. this is trauma from the financial corporation, which is okay. you want them to have some memory of it. >> i'm not a libertarian, okay? i believe in the law. i am not someone who says, we have to slash the regulations. i'm just saying, you know, the impotence is to not --
broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] finally getting some relief at the pump. los angeles wholesale gasoline falling 60 cents on governor brown's winter blend gasoline waiver. jane wells is in northridge, california. she'll explain what all that mean. a certain mandated blend accounted for 60 cents for the price of gas in california? >> reporter: well, how about that, michele? they are saying that california's case of bad gas may be coming to an end. while wholesale prices are supposed to come down, or have, retail prices haven't. i checked several retail stations i monitored on friday, the price of gas is exactly the same as on friday. aaa says the average price in los angeles of regular is $4.70, a
. the dow on top for a two-day drop. >> how was the columbus day parade in new york city? >> it was spectacular. >> she's an institution in new york city at the fabled columbus day parade. she's the commentator on that every year. >> that's where i was yesterday. it was amazingly fun. >> always look forward to your description of the high school bands out there. i'm bill griffeth. today's selloff comes as investors gear up for what some say could be a tough earnings season. we'll know in about an hour when dow component alcoa reports its results after the bell. coming up, ceoklaus kleinfeld talks with maria about the global economy. we'll also be the first to have yum brand results coming up. another key indicator of where this economy and market may be headed. here's where we stand now. a selloff this morning with the dow down 79 points. just kind of bumping along the bottom of the day, now at 13,506. the nasdaq is down 37 points. all these charts will look similar today. 1.2% down on the nasdaq. the s&p is down nine points at 1446. >> it's not a very happy anniversary t
. >>> blackrock upgraded to buy from neutral at citi, citing valuation saying it might be large but it's gotten cheap again. firm raising its price target on blackrock $220, shares up about 27% over one year. your thoughts. >> best of read here. blackrock, they're a major player in the etf market which has obviously been a huge boon to equities as we go forward here. the stock hasn't performed much this year, up 5%. s&p up 16%. not a bad value end of the year type play. i can see this thing going to their price target. that's probably a good call. >> thanks very much for your thoughts. >>> gold prices getting ready to close. we'll head live to the nymex for the final trades coming up next. >>> plus, imagine this -- no minimum balance, no monthly, annual or overdraft fees. nothing! walmart and american express are offering consumers exactly that. this raises the question -- why do we need banks to put our money in anyway? smart comes with 8 airbags,u3 a crash management system and the world's only tridion safety cell which can withstand over three and a half tons. small in size. big on safety. h
arteries still shut down. the new york city subway system has suffered its worst disaster in its 108-year history. the south street station not far from here we're told by officials has water all the way up to the ceiling and it's going to take some time to get all of that water out of there as well as get everything repaired and operable again. the power grid also suffered from this. the big transformer explosion at the 14th street station on the lower east side was spectacular and as that happened, officials during the storm last night preemptively shut down power to much of the island of manhattan. everything essentially south of 36th street or around the neighborhood of the empire state building all the way down to where i am and much of that power, most if not all of that power is still out. so there is a long climb back for this financial district. at least they've gotten through it, but what you see behind me, all of this calm, belies what's going on in the city. melissa? >> all right. scott, thanks so much for that. of course, all these disruptions will make it very difficult for
surrounding the surprising ouster of vickram pandit. revelation owes what city insiders knew, coming up. >>> it was a break even quarter compared to analyst estimates. we're looking for a seven cents a share loss. revenue, a bit short of consensus. ceo brian moynihan pointing to several positive trends, including an increase in deposits, mortgage originalation and small business lending. as well, kayla, i know you were on the reporter calls. the analyst calls beginning shortly, i guess. >> it began at 8:30. i think there's still unprepared remarks, as well. it was interesting to see the stock up, even if it was just slightly in the premarket because on the face of it, the numbers aren't great. but there's two things at play here. one is the fact that in the third quarter, we saw bank of america settle some legacy litigation regarding merrill lynch and what it told shareholders about the quality of merrill lirn assets when it bought that company. i think investors were really excited to see that actually just get out of the way. bank of america actually came out in front of its own earni
my chances with the company. >> let's move on and talk citi. back in the spotlight this morning. sources telling "the new york times" bank's chairman michael o'neill was working behind the scenes for months and that pandit was summoned to a meeting telling him the board lost confidence in you. pandit then resigned immediately. >> it made it difficult from what i understand in terms of the relationship with the board, which was quite testy. we knew that day when it was announced something was awry. we reported quickly he had been forced out. i used the word fired. that's clearly the case. been waiting for a story like this to give us more. i've been doing reporting on this and having conversations but this is a nice story by the "times" in giving us that time line. we wondered when o'neill came in and i heard this antidotedly that he wanted this job. it has been said to me that this guy is running citi right now. that would seem to be the case from the reporting that's been done from the "times" in terms of the process he took to get board members over to his side to force out pa
company. there are many tier one cities that clearwire was trying to blanket. there's tier two and tier three cities, and the footprint could never be built out. it costs billions and billions of dollars to blanket the country. it doesn't cost much to be able to be in the big cities. no one can compete against verizon wireless and at&t and be able to have enough transponders and enough towers and just a gigantic amount of money. clearwire could never be in that race. sprint couldn't be in that race. sprint was falling short in this next generation. once again, we saw that at&t and verizon were pulling away so quickly, that even though sprint had very, very good performance, sprint had the iphone, sprint could not deliver through this country. >> no. i mean, listen, you see it in the numbers from verizon this morning. the old wire line business not so great, but wireless for verizon, i mean, they added 1.5 million post paid subscribers, jim. 220,000 prepaid. those are big, big numbers. its average revenue per account as opposed to average revenue peruser, it grew 6.5%. big numbers out of
bangers who are doing it. the individuals, the windy city has had 409 homicide this year, that's up 46% from the same time four years ago. compare that to new york city's homicide rate. what's chicago's problem? and what's its supposed solution? they're talking about taxing guns? here's a republican strategist lenny mcallister. first of all the tax on bullets and handguns will do nothing to stop the murders among the gang bangers? am i just dreaming this up? >> this is one of the most ridiculous things i have ever heard of. it's another example of an ivory tower highbrow solution. this is a lot of time what you see from people that are often removed, oftentimes the very far left, progressive. the high tower legislator that -- it's not surprising, too. >> first of all, to the ammo and the guns are being bought illegally on the streets anyway. >> exactly. >> law abiding shopkeepers selling this stuff had nothing to do with it. let get that straight. >> i want to ask you, because you used to live in chicago. it's people who use gun that are killing each other. is this about drugs? are the
'm michelle cabrera, in for melissa lee. we're monitoring that phone call from citi group. let's get straight to the markets because it is the rally that will not quit. joe, how are you trading it today? >> adding to positions, we challenge on the down side some tactical support. now the market bounces back today. adding to some existing positions that i already have, adding to the technology space, to corning, i think they're going to report and do well. added to some of the semis. scan disk, i think they're going to do well. and establishing a position once again in starbucks, the ultimate question is do you go for what has been working or do you look at this rebound and say not only am i going to buy what has been working but i'm going to go after some of the performers which today are the leaders in the market. >> i do the same thing, i added to risk as well. i stayed long my wind, that's my casino play. i thought the market was going to break down, it didn't. so i was forced to partake in some of this action. i bought the beta, i bought the high risk. we came from 1474 in the s&p cash, w
't seem to matter. >> melissa mentions the citi call, the mcdonald's call, the marriott call. these analysts are -- it's not that they're down on the stock all of a sudden. it's that they're reweighing the risk/reward, we keep seeing that, the balance of risk/reward. >> it's what we started with. they can't come out and say, stick with marriott or stick with microsoft because the fed is easing. they have to deal with what i used to call because i was an art history guy in college, the four walls of the canvas. and they can't go outside of it. they're more rembrandt than they are cessa. >> i'm making i'm sure in the right century. >> good. >> they're not polak necessarily. >> they're saying, what the heck is going on with the earnings? this must have been what it was like to be a realist painter at the time. >> what are you guys doing? >> yeah. like, that's not a painting. and now it's going for $150 million. >> the realist guys are worth like $5 million. that's what the analysts are like. they're realists in a time when the impressionist fires have taken over. it's a spots an
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